GS LEADS THIS MARKET...
From Today's GS Forecast:
GS - INSIDE DAY ON LIGHTER VOLUME - Another SIDEWAYS DAY... GS is still 33 points off this last high now and is not moving, but it is much closer to the last low of 213.18 than it is the 255.15 previous all time high, so from a proximity viewpoint, there are stronger odds of pushing lower now to test the last low, especially since that low represents the STRONGEST VOLUME LOW in almost 4 years, and strong volume pivots always want to be tested. The bull market for GS looks like it's over at this point, and GS is consolidating while the rest of the market finishes off the rally
So as we said, high volume pivots always want to be tested, and today - just a few days after we wrote the above, we saw that test in action as GS gets under the previous high volume low on lighter volume at 213.12 - tries to bounce on a bullish spring but closed the day at 213.72... So we have a 2017 Low and Closing low for GS. We're looking for this to bounce at some point, maybe even tomorrow, but the damage is done here and we think this is well on it's way to a basing pattern just under 210... we'll say 206-210. Now we did have a long period of distribution and consolidation in GS, and as we mentioned, it never made any serious retracement towards the last all time high at 255. So we think a little more down and more sideways distribution and then we'll see if they can put together a rally. It's very possible that there won't be a rally also, because as we expressed to you THIS STOCK LEADS THE MARKET - not the other way around. GS closed at 213 - we see resistance at 215,218, 221 and support at 212, 210, 208, 204.
I will be publishing a longer term forecast for GS over the weekend...
Edited by SemiBizz, 18 May 2017 - 07:31 AM.